By Davit Kirakosyan
Investing.com -- Here is your daily Pro Recap of the biggest analyst cuts you may have missed since yesterday: Downgrades for Rivian and Algonquin, plus three more slashed ratings.
Rivian downgraded to Sector Perform, shares down
RBC Capital downgraded Rivian Automotive (NASDAQ:RIVN) to Sector Perform from Outperform and cut its price target to $14.00 from $28.00. Shares are down nearly 2% pre-market today.
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Last week, the company was downgraded by Piper Sandler to Neutral from Overweight, with a price target cut to $15.00 from $63.00. The firm views Rivian’s strategy as too costly, noting that the company needs over $4 billion to fund growth beyond 2025.
The company is set to report its Q1/23 earnings results on May 9. Consensus estimates stand at ($1.61) for EPS and $644.49 million for revenues.
Algonquin downgraded to Neutral following the termination of Kentucky Power transaction
BofA Securities downgraded Algonquin Power Utilities (NYSE:AQNA) to Neutral from Buy with a price target of $8.50.
Shares closed more than 5% lower yesterday. On Monday, the company announced that Liberty Utilities, its indirect subsidiary, has mutually agreed with American Electric Power (NASDAQ:AEP) to terminate the stock purchase agreement regarding Kentucky Power and AEP Kentucky Transmission.
3 more downgrades
Northland Capital Markets downgraded MP Materials (NYSE:MP) to Market Perform from Outperform. While the company continues to make good progress towards its Stage II asset commissioning and Stage III set up, the brokerage believes the backdrop has gotten murky with NdPr pricing having a precipitous fall in the last few months.
Shares dropped nearly 6% yesterday.
BofA Securities downgraded Core Laboratories (NYSE:CLB) to Underperform from Neutral and cut its price target to $21.50 from $26.50.
The company is set to report its Q1/23 earnings results on April 26.
RBC Capital downgraded Magna International (TSX:MG) (NYSE:MGA) to Sector Perform from Outperform and cut its price target to $52.00 from $58.00 as it believes more meaningful margin and FCF improvements may not occur until 2025+ as the company accelerates investment in its core growth initiatives.
